Whole Foods Market’s
Commitment to Local
(I am not here today to solicit funds!)
Slow Money Maine Meeting
3/21/2012
Whole Foods Market – 30+ Years of
Growth
• America's first national certified organic
grocer
• 317 stores in 38 states and the District of
Columbia, Canada, and the U.K.
• Decentralized company with 12 regions
• 60,000+ Team Members
• “Local” is in our DNA.
Our Core Values
• Selling the highest quality natural and organic products available
• Satisfying and delighting our customers
• Supporting Team Member happiness and excellence
• Creating wealth through profits and growth
• Caring about our communities and our environment
• Creating ongoing win-win partnerships with our suppliers
• Promoting the health of our stakeholders through healthy eating
education
Local Producer Loan Program
In 2006, Whole Foods Market committed up to $10 million in
small, low-interest loans for local vendors who want to
grow their business
• The goal of Whole Foods Market’s Local Producer Loan
Program is to:
– Work with local producers to expand the availability of quality,
local and differentiated products for our customers
– Support the communities in which Whole Foods Market does
business
– Strengthen the partnership between Whole Foods Market and
local producers
– Reinforce the Whole Foods Market value of environmental
sustainability.
Loan Statistics to Date
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118 Loans to 103 companies
$6.1M in total loans
Average loan is around $50,000
Average interest rate is approximately
5.5%
Our Ideal Loan Recipient
• In need of a small loan (up to $100,000; $25,000 for
start-ups)
• Expanding or broadening their business:
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Buy more animals
Invest in new equipment or infrastructure
Expand crops/product line
Usually not for general operating expenses
• Business is strong and owner has a viable business
plan
• Existing relationship with WFM, although they do not
have to be a current vendor
• Product must meet WFM Quality Standards
Benefits to the Vendor
• Low interest rates (5-8%)
• No penalty for early repayment
• Administrative fees
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Kept to a minimum ($65)
Intended only to cover cost of credit checks and other fees
Paid only if loan is approved
Generally rolled into the loan amount
• Minimal paperwork
• Short time frame for decision
• Connects them to their region
Our Loan Recipients
MOM’s Organic Munchies
(Freeport, ME)
Gluten-Free
Dairy-Free
Vegan
Raw
No Refined Sugars
Great as a meal replacement energy bar or a
quick snack.
Maine’s Own Organic Milk Company
•
Local Organic Dairy
Coop
• Purchase 20 – 24
organic dairy cattle with
the proceeds from their
loan
• Distributed in all WFM
stores in the North
Atlantic Region
Maine Medicinals (Dresden, ME)
Maine Medicinals™ is a MOFGA certified
organic processor and manufacturer of
standardized nutraceuticals and herbal
supplements. Working closely with
farmers and scientists, Maine
Medicinals™ produces the highest quality
plant-based medicines, functional foods
and herbal supplements from organic,
sustainable and natural sources.
At Maine Medicinals™ our mission is to
optimize human health by merging
ancient herbal traditions with current
phytomedicinal research. We believe in
the generational knowledge that comes
from the field and grows in the heart.
Quinn Popcorn
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Start-up located in MA
Microwave popcorn with
organic, non-gmo kernels
and natural or organic
ingredients
Recycled and compostable
popping bags
Completed their first large
production run with the
proceeds from their loan
Cocoa Metro
• Belgian Chocolate Milk
• Boston, MA
• Husband and wife team
that LOVE chocolate
• Used the loan proceeds
to purchase production
equipment
Questions?
Lee.Kane@wholefoods.com